Rent the Runway (NASDAQ:RENT) Director Nexus Capital Management Lp Buys 632,922 Shares of Company Stock

Rent the Runway, Inc. (NASDAQ:RENT) Director Nexus Capital Management Lp purchased 632,922 shares of the company’s stock in a transaction that occurred on Wednesday, October 21st. The shares were purchased at an average cost of $3.55 per share, for a total transaction of $2,246,873.10. Following the completion of the purchase, the director owned 4,907,316 shares in the company, valued at $17,420,971.80. This trade represents a 14.81% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Rent the Runway Stock Performance

Shares of NASDAQ:RENT opened at $2.30 on Friday. Rent the Runway, Inc. has a 52-week low of $1.51 and a 52-week high of $10.13. The business’s 50 day simple moving average is $2.51 and its two-hundred day simple moving average is $3.41. The firm has a market cap of $77.67 million, a P/E ratio of 0.18 and a beta of 1.24.

Rent the Runway (NASDAQ:RENT) last released its quarterly earnings data on Friday, September 11th. The company reported ($0.38) EPS for the quarter. The firm had revenue of $97.70 million during the quarter.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a “sell (d)” rating on shares of Rent the Runway in a research report on Monday, September 21st. One analyst has rated the stock with a Sell rating. According to MarketBeat, the company has an average rating of “Sell”.

Institutional Investors Weigh In On Rent the Runway

Hedge funds and other institutional investors have recently made changes to their positions in the business. Technology Crossover Management VIII Ltd. acquired a new stake in shares of Rent the Runway in the 2nd quarter worth about $622,065. Renaissance Technologies LLC lifted its position in Rent the Runway by 133.7% in the 1st quarter. Renaissance Technologies LLC now owns 26,170 shares of the company’s stock valued at $125,000 after acquiring an additional 14,970 shares in the last quarter. Finally, Abel Hall LLC boosted its stake in Rent the Runway by 70.2% during the 3rd quarter. Abel Hall LLC now owns 18,007 shares of the company’s stock valued at $30,000 after purchasing an additional 7,425 shares during the last quarter. 73.10% of the stock is owned by institutional investors.

Rent the Runway Company Profile

Rent the Runway, Inc is a fashion technology company that operates a shared designer clothing and accessories platform. Through its website and mobile application, the company enables customers to rent apparel, handbags, jewelry and other fashion items for special occasions or everyday use.

The company offers subscription-based access to rotating selections of designer merchandise, as well as one-time rental options. Its services are intended to provide consumers with flexible access to premium fashion without requiring them to purchase and permanently own each item.